Document Zn5XRw2my0d3KGDwy14k9Vd50

THE WALL STREET JOURNAL Wednesday, July 12, 1461 San Diego Report SAN DIEGO BUSINESS ACTTVTTT JUST THREE POINTS-BELOW JULY, 1959 ALL-TIME HIGH . Sy IRVIN* W. REYNOLDS Chirr Kroaoatil Th Captor .Nw>*iMr S*n Dingo, July 12--Broadly h*K*d nrm nemic gain* eoniinuo lo ul*in San Dir* burine** ertivitx thove the 39(10 levej for the third romrruiive month. The Union- Tribune indr* of San Dirge buiinrta ac tivity, a weighted composite of right major economic trrira, adjuned for trarnnal vari- atfona advanced lo 312 in May, an increase of 6JB per cent ever May, 19(10, The May index ii only three Mini* below thr all-time high of 315, eaiahllihrd in Julv. 1959, and la 41 point* or 1S.1 per tent above the I960 low. Bank drliiu topped one million dollar* for the fotirth rnnaeeuttve month, totaling 11,017.256.19.*. Thla ia an inereaae of 10.8 Per rent over the eorrc*pomJ)ng month of I960. Department More ulea, arrordlng t* preliminary Feilrrat lieaerve estimate*, were up 10,ft per tent: Navy payroll* totaled ll*,00ft,529'for a lain of 14 per rent: and, eftrtrlr power aale* were up 15.6 per rent Preliminary estimate* from the California Department of Employment indirate that San Diego manufacturing employment to taled 72,600 in May, gain of 6.1 per eetrt aver the I960 level. 'Only three of the oight index compo nent* continued below the year-ago period Freight earloa'dinp numbered 2,056, down 19.1 per rent. Building permit* cautioned below the I960 level. The dollar vslustlM of building permit* i*ued by the City f Diego totaled S12.ftS7.ft78, a decline of 8.4 Per rent from Mav, I960. The number of building permit* totaled 1,562. down 18.4 prr rent. Tlie valuation of building permit* iMUod bv the City appear* to have reaehed fjltffu during the firal month* of 1961. lowever. residential rontrurtion ia atill well "VeloSfth* I960-level:--Iff--M*yr*1961, the valuation of re*idential construction in th City of San Diego, computed on .a five- month moving average, wa* 33.6 per cent below the average for May, 1960, and S3 per eent below the level of May, 1959. Pern, mitt have been issued for 2,161 dwelling aglts during the fir*t five month* of 1961, compered with permit* for 3.395 dwelling Unit* iaaued during the fleet five aonthi of 1960. . The high level of uoff-roaidantial ot*> itmetlon hti bolstered the level of total contraction In the elty during 1961. E*U- mated effeetive eonatruetioa valuation (valu ation of permit*, on a five-month moving ' average) of office building* w* over one million dollar* in May, 1961; effective co ttruction of education building* wat valued at U million dollars, and effective valuu tion of industrial contraction totaled 1519,460. Thu*, three of the hatie comprn nent* of non-retidyntlai eon*trurt(en ore above the yeor-ago level Employment galnt aro foreran for the auramer month*. Continued brood advance* aro projected for the San Diego economy, at a new butlneoa peak ia expected during the early tummer month*. The OilM^tnu* liln of >ou Diet* uatneaa Activity til rvtateu (ttadcaf *(*, 1001 Olltoa. a IOM|t *iam*rr of aaaaatate Sevelapmeate la It* Uer*Hl*> taa faa Dik Harhtt, la available nllt, at ekarae, Wrllai Beoaoaat Reaearvh Ot*trtaeii, Cooler Pen*, lam, Mo Ttirl A venae, Pan Dlena IX Cnllf, !Tennessee \Tilley T.v.a. steam plants. Wseflnghooee officials in Pittsburgh dented the ehtnr*. . Authority Announces I Tn a eutt filed In U.8. District Court In I Chattanooga. T.V.A. *aald the generators were installed at the Shawnee steam plant, near Lower Power Rate Paducah. Ky., and tt the Kingston. Tenn., and the Gallatin. *Tenn.. steam planu. accord ing to the Associated Press. The suit stated: "The many defects in the Consumers May Save $.3.) Million machinery, and the consequent tervfce break . Annually; Major Usees, to Pay downs, together with the operational and loadp limitations placed Upon the machines by the 6% Mills a Kilowatt Hour defendants, have resulted in excessive repairs and additional expense to plaintiff (T.V.A.) tn 1 - obtaining replacement power." fly n Wit.f, Svaxst Jormtat Stuff Reporter In Pittsburgh, a Westinghoute Electric WASHINGTON - The Tennessee Valley1 spokesman said the steam turbine generators Authority Announced a new. electric power. The T.V.A. power system lower rate for' "are efficient machines which hav* been performing welt for years." He said. "Ten of sells electricity the 1ft machines in question are Installed at the Shawnee Station, wht<-h Recording to the at wholesale to 102 municipally systems. 51 rural electric co-ops owned powerl and two prt-| t959 Federal Power Commission report the lowest fuel cost per kilowatt hour of had elec vale utilities. The local organizations then sell] tricity generated at any of T.V.A. s seven ma the power to their t.5 million customers at1 jor power planu." rates agreed on in contracts with T.V.A. These The-company said that when originally pro contracts until now have allowed for three dif posed. 14 of the 1ft machines were to be of ferent retail rate levels and the new action "highly advanced design and of an unusually provides a fourth rate level, the lowest of all. high efficiency rate." Westinghonxe conceded Under the new schedule. th rate per kilo- that after the units went Into operation, begin wru hour Is 2 cents for the first wo kilowatt ning In 1953 they did not meet Ihe efficiency hours, 1 cent for the next 130, 4 milts for the requirements. But the company said tt took next 850, and ft1'* mills for all over 900. This the necessary ateps to modify them and bring averages out to 86* milts an hotiri for con their efficiency rates to the point where they sumers using more than 900 kilowatt hours a are currently within "teat accuracy" of meet month. The previous lowest T.V.A. rale aver ing the specified rate. ages 7 mills, on this schedule: 2 cents a kilo watt hour for the first 100. l eent for the next 250. 4 mills for the next 700. and 7 mills for Lear Forms European Subsidiary all over 1.050.--? LOS ANGELES-Lear. Inc., said It formed T.V.A. officials said the new rate, while a European subsidiary. Methodes et Materiaux benefiting all users in area* served by sys de Construction. S.A.. to sell prefabricated tems that adopt the rate, would provide a homes in Switzerland, France. Italy and West proportionately larger benefit for consumers Germany under a previously-announced mark using between 250 and 900 kilowatt hours a eting agreement with National Homes Corp., of month. For example, a home or farm using Lafayette. Ind. The first model home fa cur 500 kilowatt hours a month would pay 34.50 rently under construction In Geneva, Harold J. under the new rate, compared with 35.10 under Downes, Lear vice president, said. the previous lowest rate schedule and $8.90 under the previous highest schedule. Relock Instrument If all the T.V.A. power distributors adopt BKLOCK INSTRUMENT CORP. month* cnAM April X. report* ir th* all the new rate, the authority estimates the INI 1N saving to consumer* at 335 million a year. KamrS per common thsr* Set tele, - * ** tiJHMI T.4H.SM ___Two_retalLdistributorahav already-adopted Net to**_____________ at-UJ---------------------------------b-tt-Ui Af*t* common *har*t HUM ttSJI) the new lower rates. T.V.A. said. They are *-Afirr prtferrvO dl*M*ml*. b-ln<-em*. the Decatur, Ala., municipal system and the Alcorn County Electric Power Association, a rural electric co-op in Northern Mississippi. * The new power rate was announced by T.V.A. directors as they met with President Kennedy to present a report on their plant for the future. They estimated their spending for new generating and distributing facilities at BEST 3750 million over the next*five years. But they do not anticipate drawing on Congressional appropriations for the financing, they eald. Power system proceeds will provide about one- third of the needed cash, they said, and the rest will come from the sale of T.V.A. power bonds authorized by Congress In 1959. The report Mid 350 million of bond* has No Ort already been sold of the 3760 million T.V.A. is authorized to issue, "Wfihlri a few years we wilt ask the Congress to provide added Issuing authority to finance continued growth." the Reserve So report declared. It promised that T.V.A. would continue lo make cash ptyment* lo Ihe Treas ury each year as a dividend on the Federal investment In the power system and to reduce the investment. .................. .. . . ..................ItSC - V...............................*^'*1. Ncottnwidal T neinwiriii TOey Wmj mmt&es- Aim- 1. New York Slot*. v - f* , . i Immedfate ovoiloblJi Guaranteed gofety--r